Fake Chinese Bank in Nanjing Scams Depositors of 200 Million

Fake bank in Nanjing scammed depositors of 200 million RMB, was decorated to look like a state-owned bank.

Fake bank in Nanjing scammed depositors of 200 million RMB, was decorated to look like a state-owned bank.

From NetEase:

Fake Bank in Nanjing Decorated As State-Owned Bank, Illegally Collected 200 Million Yuan [RMB] in Deposits

According to a Xinhua report, a “cooperative” that had absolutely no financial qualifications meticulously decorated their interior to resemble that of a state-owned bank and used high interest rates to entice city residents to come deposit their money, scamming nearly 200 people in just over a year, involving nearly 200 million yuan [RMB].

2014 May, Wang X, from Zhejiang province Hangzhou city, was introduced by a “middle-man/intermediary” to the “Nanjing X Rural Economic Special Cooperative” located on Jiangpu Street in Pukou district of Nanjing, where he deposited 12 million yuan in his company’s liquid funds. This “cooperative” promised to give Wang X the same interest for the same period a bank would give but also an additional 2% interest every week.

However, after receiving 4 consecutive weeks of additional interest, this “cooperative” stopped giving Wang X additional interest. Wang X hurried from Zhejiang to Nanjing over this only for the other party to not only give him the additional interest but to discover that he could not withdraw his 12 million yuan either. 2014 June, Wang X reported the matter to the Nanjing Pukou district police.

After the Nanjing Pukou police launched an investigation, they discovered that the business license for this “Rural Economic Special Cooperative” limited its operations to rural/agricultural information and consulting which has no relation whatsoever to financial services and products, and thus prosecuted this “cooperative” on suspicion of illegally collecting public deposits.

Pukou police explain that this “cooperative” began offering high rates of additional interest in addition to the interest rates given by banks in 2014.

Pukou police also explained that when this “special cooperative” engaged in interior decorations, it had completely imitated the look of a state-owned bank, not only designing counters like that of a bank but also with LED display screens, a customer queuing system, etc. to the extent where the five counters had “workers” dressed in uniforms resembling that of a bank. After some depositors were lured in and saw this, they thought it was a regular credit association/union.

At present, Liu X, the legal representative of this “cooperative” suspected of illegally collecting public deposits, and three other “business managers” have already been detained as criminals. One female high senior manager who fled with with the illegally acquired funds also having been convinced by Nanjing police to return and surrender herself on 2014 December 31, while another two assistants hired by Liu X remain at large.

Comments from NetEase:

见朕骑妓的时刻到了 [网易广东省广州市网友]:

Actually, they are all their own people! To placate the masses, they can only fabricate this story!

465489731 [脑洞大开]:

Fuck, set up a booth on the street and you’re immediately stopped, but such a huge scam they don’t see.

福尔摩伍 [网易广西贵港市手机网友]: (responding to above)

Crack down a bit everywhere, or do you think the wolves are blind?

别说我是新人 [网易黑龙江省大庆市网友]:

Don’t the real banks also swallow people’s money?

别人家的 [网易广东省广州市手机网友]: (responding to above)

The real banks paid their protection money.

[Note: This is suggesting that banks have paid the media to not have negative reports about them.]

网易浙江省温州市网友 ip:115.218.*.*

Lies, continue lying. Could a fake bank open accounts? Can a fake bank issue bank cards? Can a fake bank’s business enter the banking system?

andrewlbc [网易广东省广州市网友]:

This is simply: regulatory loophole + human greed + banking’s huge profits + scammers’ skill = this result.

实心眼250 [网易吉林省四平市网友]:

That scammers can use the same tricks in new disguises, why is it that they can be so audacious?

虾鸡吧烤 [脑洞全开]:

So in support, there is hope now. [This is sarcasm.]

网易河北省秦皇岛市网友 ip:123.181.*.*

To get rich, there are all sorts of ways!

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Written by Fauna

Fauna is a mysterious young Shanghainese girl who lives in the only place a Shanghainese person would ever want to live: Shanghai. In mid-2008, she started chinaSMACK to combine her hobby of browsing Chinese internet forums with her goal of improving her English. Through her tireless translation of popular Chinese internet news and phenomenon, her English has apparently gotten dramatically better. At least, reading and writing-wise. Unfortunately, she's still not confident enough to have written this bio, about herself, by herself.


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